Silver jumps 3% to 10-month high as hedge funds buy in

SilverBars
19-Apr (MarketWatch) — Silver futures climbed to their highest level in more than 10 months on Tuesday, as gold futures also gained.

Silver for May SIK6, +4.10% delivery advanced 2.6%, or 43 cents, to $16.68 an ounce, trading at levels last reached in early June. June gold GCM6, +1.41% tacked on 0.7%, or $8.70, to $1,243.70 an ounce.

Hedge funds boosted their bets on silver last week, pushing the overall market into a record net long position, according to a Mining.com report citing CFTC data. That came as silver gained 6% last week.

Analysts also attributed silver’s jump in part to strong buying in China and a weakening dollar.

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